European Managing Agencies controlled a large sector of Indian industries. These were , , and .

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European managing Agencies controlled a large sector of Indian industries. These were Bird Heilgers & Co., Andrew Yule, Jardine Skinner & Co. The space in which Indian merchants could operate became more and more constrained as British control over Indian trade intensified. They were forbidden from trading with Europe in manufactured items. Instead, they had to export largely raw materials and food grains - raw cotton, opium, wheat, and indigo - as mandated by the British. They were also gradually pushed out of the shipping business. These Agencies raised capital and established and administered joint-stock businesses. Most of the time, Indian financiers provided the funds, but European agencies made all investment and business decisions. Indian people in business were not allowed to join the chambers of commerce run by European merchant-industrialists.

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